MIDEAST STOCKS gain as financial shares rise in 2021

MIDEAST STOCKS Major Gulf markets gain as financial shares rise:

The Gulf’s major equity markets closed higher on Tuesday, supported by their financial data, with the Abu Dhabi index leading the way.

Saudi Arabia’s benchmark index (.TASI) rose 0.3%, with the Saudi National Bank (1180.SE) up 2.5% and petrochemical producer Saudi Basic Industries (2010.SE) up 0.7%.

Warring factions in Yemen are preparing the terms of a peace deal that would pull the kingdom out of a costly war and help alleviate a devastating humanitarian crisis, Reuters reported, citing two sources close to the talks and a Houthi official.

One of the sources said Riyadh was open to a deal but needed more reassurance from Oman and Iran, both with close ties to the Houthis.

Dubai’s leading stock index (.TASI) closed up 0.3%, supported by Emaar Properties (EMAR.DU) up 1.2% and Emaar Mall unit 1.2% (EMAA.DU).

The Dubai airport operator expects a “flood” of travelers if the pandemic subsides, which will cause passenger traffic through Dubai International Airport to grow 8% this year to 28 million.

“As the number of infections in the region remains stable, Dubai this week announced the opening of its airport terminal as a sign of easing government restrictions,” said Michael Stark, research analyst at Exness.

“The move should help the airline get back on track and boost the economy.”

In Abu Dhabi, the index (.ADI) rose 0.5%, with the country’s largest lender First Abu Dhabi Bank (FAB.AD) gaining 1% and aquaculture firm International Holding (IHC.AD) gaining 0%, increased 8%.

Abu Dhabi, the capital of the UAE, offers tourists free COVID-19 vaccines, previously limited to UAE nationals and residence permit holders.

Qatar’s index (.QSI) rose 0.3%, supported by a 6.9% jump by telecommunications company Ooredoo (ORDS.QA).

Qatar will only enter the debt market on an “opportunistic” basis this year after raising energy prices have reduced the Gulf State’s hostile budget financing needs, the current finance minister said.

Outside the Gulf, the Egyptian blue-chip (.EGX30) rose 1.4% as most index stocks were positive, including the international commercial bank Commercial International Bank (COMI.CA), which rose 1%. , grew by 6%.

There are no indications that the change will apply to Dubai, the most populous emirate, or the other five emirates that make up the UAE.

Abu Dhabi visa visitors and passport holders who qualify for a tourist visa when arriving in the UAE via Abu Dhabi can schedule free vaccinations, according to information from the Abu Dhabi Health Services Company (SEHA), which operates infrastructure supplies of public health. of the emirate.

Holders of expired residence visas or entry visas are also entitled to free vaccinations, the Abu Dhabi news agency said on June 11th.

Due to job losses and travel restrictions during the pandemic, some people’s residence permits expired or were canceled when they were laid off.

UAE health officials said nearly 85% of the eligible population received at least one dose of the vaccine this month, but not as much as before.

The number of infections increased in the UAE last month and Abu Dhabi still has access restrictions, including in-home quarantine and post-arrival intermittent PCR testing. People who drive from other emirates are tested to prove they are not infected.

SEHA introduces COVID-19 vaccines from Chinese pharmaceutical manufacturer Sinopharm and Pfizer / BioNTech in Abu Dhabi.

The Dubai Media Office did not immediately respond to a request for comment on the possible change in admission requirements. Information from the Dubai Health Authority states that vaccinations are only given to citizens and holders of a valid residence visa in Dubai.

Translate »